The price of July gas futures on the TTF hub in the Netherlands rose by 2.21% to €38.73, or $470.92 per 1,000 cubic meters at the current rate on the Forex market. This is evidenced by data from the ICE Futures exchange at 11:34 Baku time.
The last time gas was traded at such levels was more than three months ago – on April 4, 2025. Natural gas prices are rising amid the escalation of the Iran-Israel conflict. Investors fear a larger-scale war in the Middle East, Bloomberg writes.
For gas traders, the biggest concern is that further escalation of the conflict could interrupt supplies through the Strait of Hormuz, an important waterway for maritime supplies. While physical supply of liquefied natural gas appears to be unaffected at present, any disruption could strain the market at a crucial time in Europe’s stockpiling season.
Also over the weekend, Israel struck Iran’s South Pars gas field in the Persian Gulf. The drone attack caused a massive explosion and fire at a natural gas processing plant, Bloomberg reports. The fire also halted production at one of the offshore platforms (which produces 12 million cubic meters per day).
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